Robinhood announced a self-custody wallet, currently in beta, will be available to the first 10,000 iOS global consumers currently on their waiting list.
Robinhood’s Independent Wallet
Robinhood is launching a standalone wallet on the Apple store that will allow users to trade and swap digital assets without being charged network gas fees. Robinhood announced that the iOS application would initially launch in Polygon’s network before advancing to other blockchain networks shortly.
Seong Seog Lee, the head of products at Robinhood Crypto, explained that the commission-free retail investing platform chose to build the wallet initially on the Polygon Network due to Polygon’s low-cost model. The low transaction costs will give the wallet room to breathe as the company studies the utilization of the wallet by the 10,000 end users selected to use it before its launch.
The 10,000 customers will enjoy using the new Robinhood Wallet in natural-world environments during the beta test. Their feedback about the customer experience using the Robinhood mobile Wallet will then be collected and critically analyzed for any problems encountered so the team of experts can resolve them before the official launch.
Robinhood Counts Wallet Launch as a Milestone
Johann Kerbrat, Robinhood’s chief technology officer, emphasized that launching the beta form of the Robinhood wallet is a huge milestone for the retail investing platform.
“Launching the Robinhood Wallet beta marks a significant step forward in our journey to make Robinhood the most trusted and simple crypto platform for customers,” said Johann Kerbrat.
Robinhood seems to be structuring its crypto approach the same way it structured its process in stocks. The move bore fruits as far as stocks are concerned, garnering the stocks’ massive worldwide adoption. The entire population on this planet might witness the same success in the crypto world due to its past success.
Robinhood stated during the launch that the wallet would list USDC stablecoin as the primary fiat-representation token on the application during the entire beta period. The wallet will also internally bear a ‘reward’ section. Users can earn tokenized rewards such as MATIC, Polygon network’s native digital asset used for fees and staking.
Even though USDT (Tether) is the largest stablecoin in the world, Robinhood also listed USDC as the first cryptocurrency on its leading platform. It is, however, unclear why Robinhood likes USDC so much compared to the Industry leader USDT.
More Cryptocurrency Options
According to Kerbrat, Robinhood Wallet will house more cryptocurrency tokens than Robinhood’s leading platform. The estimated figure issued by Kerbrat ranged between 25 and 30 cryptocurrencies. Robinhood plans to add Non-Fungible Tokens to the venue as soon as the beta duration has been finalized.
The commission-free retail investing platform’s growth into web3 and self-custody comes about due to the massive industry fees tank brought about by several digital asset exchanges and crypto service providers in the United States of America.
It is still unclear why Robinhood chose to list USDC instead of going for the Industry’s leader USDT.